House price rises slow to a crawl

House prices are reaching the peak of affordability in many areas. The average number of homes on estate agents’ books reached a new record low of 42 in FebruaryAndrew Matthews/PA

House prices are rising at the slowest annual pace in five years, according to Britain’s biggest mortgage lender.

Halifax said that its mortgage data showed that prices had risen by 1.8 per cent in the year to February, the slowest pace since March 2013. In February last year prices were rising nearly three times as quickly, at 5.1 per cent. House prices reached an average price of £224,353 last month.

A separate report by the Royal Institution of Chartered Surveyors has added to evidence of a subdued market, with its members reporting a fall in buyer enquiries and agreed sales.

The RICS report added that the number of homes going up for sale continues to fall. The average number of homes on estate agents’ books…

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